MID-SHIP Fertilizer – July 22, 2026

July 22, 2026

General Market Overview: 

The dry bulk market continues to show diverging trends across the vessel classes. Handysize rates edged higher, with the BHSI gaining 2 points to 905 as Asian sentiment continued to improve despite relatively quiet fixing activity. The Atlantic remained more challenging, with fresh cargoes in the U.S. Gulf and South America helping to generate activity but still falling short of absorbing available tonnage, keeping pressure on rates. Supramax/Ultramax markets softened further, particularly in the U.S. Gulf, where a lack of fresh demand weighed on fronthaul business and pushed the 11TC average down to $21,674/day. The Mediterranean continues to benefit from seasonal grain demand, while Asia remains largely balanced on a positional basis, with South Africa providing the strongest source of enquiry.

Panamax sentiment remains under pressure as owners increasingly prioritize securing employment, resulting in lower offers across both the Atlantic and Pacific. While additional Atlantic cargoes have prevented the cargo book from deteriorating further, weaker Pacific fundamentals and increasing ballast tonnage continue to weigh on rates, with the P5TC declining $546 to $19,083/day. In contrast, Capesize extended its recovery, supported by tightening vessel supply, stronger coal demand, and improving South Atlantic activity. The BCI 5TC climbed another $1,668 to $37,308/day, with gains seen on both the Pacific C5 and Brazil-China C3 routes. Overall, the market continues to reflect a bifurcated environment, with Capes benefiting from strengthening fundamentals while Panamax and, to a lesser extent, Supramax markets remain in a softer consolidation phase.

Subscribe below to receive the full report.